from man rsync
Code:
Access via rsync daemon:
Pull: rsync [OPTION...] [USER@]HOST::SRC... [DEST]
rsync [OPTION...] rsync://[USER@]HOST[:PORT]/SRC... [DEST]
So it appears that your syntax is OK IF the remote server is running the rsync daemon and IF they don't require a user.
Based on getting "Connection timed out" I'm guessing they're not running the daemon or you need to supply the port.
Also noted is that the server you're attempting to rsync to is not the server you connected to with wget.
rsync: mirror.csclub.uwaterloo.ca/
http: centos.mirror.rafal.ca/
Edit: At centos.org I find
Code:
http://centos.mirror.rafal.ca/ ftp://centos.mirror.rafal.ca/pub/CentOS/ rsync://centos.mirror.rafal.ca/CentOS/
Edit 2: The uwaterloo.ca rsync:// is also listed at centos.org, and can be reached with a web browser. Maybe their rsync is not working. Have you tried another mirror?